NSW regulator upholds Star Entertainment's Sydney casino licence suspension

Sept 25 (Reuters) - Australian casino operator Star Entertainment Group SGR.AX said on Friday its Sydney casino licence would remain suspended after the New South Wales gaming regulator extended oversight of the property.

Here are some details:

• The New South Wales Independent Casino Commission (NICC) extended the term of Nick Weeks, The Star Sydney casino's regulator-appointed manager, until June 30 next year, allowing the casino to continue operating while its licence remains suspended, Star said.

• NICC Chief Commissioner Philip Crawford said the company had made significant progress in addressing regulatory issues but cast doubt on whether the improvements would be sustained, citing concerns over governance, leadership and culture.

• The licence suspension will be lifted if the casino can demonstrate that its remediation efforts have been effectively embedded in the business, Crawford added.

• The regulator said Star is awaiting the outcome of civil proceedings brought by Australia's financial crimes watchdog AUSTRAC and that uncertainty remains over the group's ability to support remediation efforts while filling key leadership and governance roles.

• In June, the NICC fined the Sydney casino a total of A$10 million ($7.01 million) for systemic failures related to historical financial crime risks.

• The NSW gaming regulator's decision comes a day after Queensland authorities extended the deferral of the suspension of its Star Gold Coast licence, along with the special manager's appointment, to March 31, 2027.

• Last month, the casino operator reported a bigger-than-expected annual loss and warned that conditions would stay tough.

  
  

($1 = 1.4263 Australian dollars)